Accounting and Finance Foundations

Unit 5

Accounting and Finance Foundations Unit 5: Accounting Terminology 404

Accounting Terminology

Chapter 14

Student Assignment

Spring Fling with T AccountsLesson 14.11

You are going on a Spring Break trip with friends to the beach. You need to book your hotel and calculate

your expenses.

Using T accounts, complete the following transactions.

Chart of Accounts:

100 Assets

110 Cash

120 Account Receivable

130 Supplies

140 Room and Board

200 Liabilities

210 AP-Visa

220 Parents

300 Owner’s Equity

310 Owner, Capital

320 Owner, Drawing

400 Revenue

410 Sales

500 Expenses

510 Food Expense

520 Gasoline Expense

530 Hotel Expense

540 Leisure Expense

April

1. You booked your hotel using your Visa card for $800. (Room and Board)


2. Received cash for birthday from family for $600.


3. You put cash from parents into savings account for your trip, $500. (capital)


4. You paid cash to purchase sunscreen for $6.00. (supply)


5. You pay cash on your Visa account, $250. (AP)


6. Paid cash for meal at McDonalds for $7.50. (Food expense)


7. Received paycheck for $190 cash and deposited it into savings. (capital)


8. Paid cash on Visa bill for hotel expense for $150. (AP)


9. Received cash from sale of X-Box for $225. (sales)


10. Invested $100 cash in savings account for trip. (capital)


11. Received cash from paycheck for $150. (capital)


12. Paid cash for gasoline for trip for $175. (expense)


13. Borrowed cash from parents to pay back upon return for $100. (AP)


14. Gave cash loan to friend for $50. (AR)


15. Purchased food with cash for $100 for 3 days. (expense)


16. Received cash from friend for loan for $25.


17. Withdrew cash from savings for personal use for $100.


18. Received cash from sale of video games for $25. (sales)